Basel II Costings

Short piece today on Bobsguide about
banks underestimating the costs of Basel II implementation. This has
been endemic across the industry and is fairly typical of any regulatory
project. Is anyone aware of a major bank (or other institution) who has
got the cost of a major regulatory project right at any stage, short of
the end of the project? I think the article is SAS trying to
explain to its clients why this has cost more that originally estimated.

It is a fair call from them, I should add. Banks are always difficult to pri